The U.S. Treasury Department's Office of Foreign Assets Control announced on Wednesday that it has extended the validity of a license permitting negotiations for the sale of international assets belonging to Russian oil company Lukoil until May 30, 2026. The previous deadline was May 1, marking the fifth extension of this license since Lukoil was added to the sanctions list in October 2025.
This extension allows more time for negotiations between Lukoil and potential buyer, the U.S. investment firm Carlyle Group. Lukoil's international assets include oil fields, refineries, and gas station networks spanning from Iraq to Finland, with an estimated value of approximately $22 billion. The primary entity involved is Lukoil International GmbH, which manages the vast majority of Lukoil's overseas operations outside of Russia.
According to requirements set by the U.S. Treasury Department, any sale agreement must ensure a "complete separation" of the international assets from Lukoil. Additionally, proceeds from the sale cannot be repatriated to Russia and must be deposited into a frozen account under U.S. jurisdiction until sanctions are lifted.
In Romania, the Petrotel refinery located in Ploiești has been idle since October 2025. The facility previously supplied over 20% of the local market's fuel demand. Separately, operational licenses for Lukoil's retail gas stations in Moldova and other locations have been extended until October 29, 2026, to ensure stability in local fuel supplies.
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